I have bought a call of Bajaj Hindusthan of 35 strike price at Rs 0.80. Please advise - Rajesh Dalvi
Bajaj Hindusthan (Rs 34): The stock is ruling at crucial level. It now finds support at Rs 29.2 and the resistance at Rs 36.9.
In the short term the stock is likely to move in a narrow range around Rs 32-33. However, the long-term outlook remains negative for Bajaj Hindusthan as long it stays below Rs 143. A close below Rs 26.5 will trigger a fresh fall for Bajaj Hindusthan.
F&O pointers : The Bajaj Hindusthan futures shed 80,000 shares in open interest on Friday. Options are not active.
A little cue available suggests positive bias as 37.5-strike witnessed unwinding of open position.
Strategy : Hold your long position with a stop loss at Rs 0.5 (option premium). Exit your position of the spot reaches Rs 37.
Note: The analysis and opinion expressed in this column are based on F&O data available at this point of time and on technical analysis based on past price movements. There is risk of loss in trading.
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